[SMM Nickel Flash] US Faces 742,000 mt Nickel Deficit by 2035 Amid Zero Smelting Capacity

According to GEM's semi-annual report, starting from April 2026, the production capacity of the company's overseas nickel resource project has gradually recovered. As of July 2026, the company's MHP daily nickel output had exceeded 370 tons. The planned nickel output for the second half of the year is 65,000 tons, representing a 134% quarter-on-quarter increase. Meanwhile, with the easing of the U.S.-Iran war, sulfur prices have entered a downward trend, which will facilitate the recovery of nickel resource profitability. The company is striving to promote the coordinated development of its various businesses.

GEM's semi-annual report for 2026 shows that in the first half of the year, overseas nickel project nickel output reached 27,790 tons (including capacity from equity-participated projects), accounting for 40% of the planned volume, down 37% year-on-year; self-produced cobalt metal reached 2,601 tons, also accounting for only 40% of the planned volume, down 29% year-on-year."

Glencore marked first ore and shaft completion at its Onaping Depth nickel-copper project in Sudbury, Ontario at an August 27 event, according to Canadian media. The shaft was driven from the bottom of the former Craig Mine and now connects surface to the orebody about 2,600 m down, the deepest Glencore has gone in Sudbury; first stopes are prepared and ore can be extracted for the first time. Sudbury INO vice-president Zachary Mayer called these steps towards ramp-up and project completion in 2027. Representing about C$2bn of investment since construction began in 2019, the mine is expected to produce 1m t/yr of ore and, over its life, 280 kt of nickel and 145 kt of copper, extending Sudbury Basin nickel output beyond 2040 with around 400 permanent jobs.